Dubai Launches Phase Two of Real Estate Tokenization Pilot with Secondary Trading
Dubai Land Department and Ctrl Alt have launched Phase Two of Dubai’s Real Estate Tokenization Pilot, enabling controlled secondary trading of tokenized property assets to improve liquidity and expand investor access.
Ctrl Alt, a leading tokenization infrastructure provider, and the Dubai Land Department (DLD) announced today the launch of Phase Two of Dubai’s Real Estate Tokenization Project Pilot, introducing controlled secondary market trading capabilities for tokenized real estate assets.
Phase Two builds on the successful pilot stage, during which ten properties were tokenized, representing more than $5 million (AED 18.5 million) in real estate value. Approximately 7.8 million tokens issued during the pilot will now be eligible for resale within a controlled secondary market environment, expanding access and liquidity across Dubai’s real estate market.
The secondary trading phase is designed to evaluate market efficiency and operational readiness while strengthening transparency, governance, and investor protections. Trading will take place within a regulated pilot framework on the project’s distribution platform to ensure transaction integrity and alignment with existing land registry processes. All on-chain transactions in this phase will continue to be executed on the XRP Ledger (XRPL) and secured by Ripple Custody.
As the tokenization infrastructure partner for the project, Ctrl Alt minted and issued the original title deed ownership tokens during Phase One and will now help deploy secondary market functionality for Phase Two. Ctrl Alt is directly integrated with the DLD systems, allowing property title deeds to be issued, managed, and transferred on-chain. All secondary market transactions in this phase are executed through the Ctrl Alt tokenization engine, ensuring ownership records remain accurate and fully aligned with official registries.
For Phase Two, Ctrl Alt will issue Asset-Referenced Virtual Asset (ARVA) management tokens to facilitate regulated secondary-market transfers. Both ownership and management tokens will be recorded on-chain, creating a single, immutable record of ownership. This infrastructure is underpinned by Ctrl Alt’s role as a licensed Virtual Asset Service Provider (VASP), the first firm to receive an Issuer license from VARA, and a holder of a Broker-Dealer license.
Robert Farquhar, CEO, MENA at Ctrl Alt said: “We’re proud to work with the Dubai Land Department and VARA on Phase Two of the project, demonstrating what is possible when governments and institutional-grade innovation come together to build market-leading digital rails. Native tokenization only reaches its full potential when assets can move efficiently post-issuance, and secondary market trading is essential to that outcome. By establishing robust tokenization infrastructure that supports the regulated transfer of tokenized land title deeds, Dubai is setting a global benchmark for how assets can be issued, traded, and managed on-chain.”
Matt Acheson, CPO at Ctrl Alt, said: “Our goal was to build a secondary market infrastructure that is efficient for the entire ecosystem while maintaining the controls and governance required by the DLD and VARA. To achieve this, Ctrl Alt engineered a sophisticated technical framework to facilitate the dual operation of ARVA management tokens and ownership tokens seamlessly on-chain. We manage the underlying complexity of this tokenization technology so that distribution platforms like PRYPCO and others can deliver smooth, fractional real estate experiences to their end users, without the requirement of building and managing the tokenization infrastructure themselves.”
This move further strengthens Dubai’s leadership in real estate innovation and digital assets, demonstrating how government collaboration, regulatory clarity, and technology can reshape ownership models and expand investor participation for real estate.
